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Ripple fuels UAE Exchange’s cross-border payments

UAE Exchange has chosen Ripple’s blockchain technology to power its real-time cross-border payments.

Via the deal, UAE Exchange joins RippleNet, its enterprise blockchain network with over 100-member banks and financial institutions. This offers real-time messaging, clearing and settlement of financial transactions for banking and payment partners.

Promoth Manghat, CEO of UAE Exchange, says: “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.”

Both firms have also been active elsewhere.

Just a few days ago, UAE Exchange was revealed to be one of the names in a consortium for an electronic know your customer (e-KYC) utility in the UAE.

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) started the development. Distributed ledger technologies (DLT) are being considered to underpin core functionality within the platform.

Ripple, as usual, is busy. Also a few days ago, Hong Kong-based money service LianLian International chose its blockchain solution, xCurrent, to process real-time cross-border payments into China.

In addition, Forbes released a handy “Crypto Rich List” – a compilation of the 20 wealthiest people in crypto. Chris Larsen, a long-time tech executive and founder of Ripple, came top with a net worth close to $20 billion in early January 2018, as a result of owning 5.2 billion XRP, the token of Ripple.

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